New CP Board appoints Tobias interim CEO

Canadian Pacific Board of Directors appointed newly-elected Director, Stephen Tobias, as interim CEO. Tobias is a 40-year veteran of the railroad industry and former vice chair and chief operations officer of Norfolk Southern. In 2008, Tobias was awarded Railway Age magazine's Railroader of the Year award.

The board has appointed a search committee to identify a permanent CEO and also selected Madeleine Paquin to serve as acting chair of the company.

"The Board of Directors of Canadian Pacific is united in its commitment to serving the best interests of this great company. We are confident in the depth and breadth of this board and its ability to work with the management and all CP employees to serve our customers and communities. We are looking forward to working together to build value for our shareholders," stated the board.